S&P ups Va. Port Authority rating to A+, rates BANs SP-1+

Standard & Poor's said it raised its underlying rating to A+ from A on the Virginia Port Authority's port facilities revenue bonds and assigned its short-term SP-1+ rating to the authority's $65 million series 2008 subordinate port facilities revenue bond anticipation notes (BANs).

The upgrade reflects the Virginia International Terminal's continued growth in container volumes and the authority's strong debt service coverage, S&P said. The outlook is stable.

The 2008 BANs, which are due July 1, 2009, are expected to be paid in full at or before maturity from the proceeds of the authority's port facilities revenue bonds.

The series 2008 BAN proceeds will be used to finance facilities to be located at Norfolk International Terminals.

Following the issuance of the series 2008 BANs and their planned takeout in 2009, the authority intends to issue about $298 million of additional port facilities revenue bonds through 2013. The additional bonds will fund a portion of the authority's $3.2 billion 2008-2034 master capital improvement plan, which will greatly expand the Virginia International Terminal's container capacity.

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